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Canadian inflation reaches 3.1 percent
Official data showed that Canada's annual inflation rate rose to 3.1% in September, driven by increases in energy and gasoline prices, with energy prices up by 19% compared to the previous year. This pushed the Consumer Price Index above the upper limit of the Bank of Canada's target inflation range. However, the data indicates that inflationary pressures did not extend to other goods, as the growth rate in food and transportation prices slowed. The Bank of Canada is expected to keep interest rates at 2.25% at its upcoming meeting, though there are prospects of a hike in December. The Canadian dollar slightly strengthened after the data was released, alongside a rise in government bond yields.
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